SPY has been trading in a range for the past week, consolidating in a box range as investors and traders wait on the sidelines to see the reaction on Mays historical profit taking month and Powell speaks today at 2pm which can indicate a choppy Monday session as investors and traders await Powell's statements. The Daily primary trend is still up with the Controlling Swing Pivot Low at 383.90 and acting as a major Support price area. No Swing Pivot High has developed yet as we wait for the breakout of the 420.72 ATH. A bearish Hanging Man has developed and with Fridays close below Thursdays Hanging Mans candle, it has activated the bearish candle sentiment. I'll be on the sidelines looking into smaller time frame data intervals to see how price action reacts to this Single Candle pattern bearish sentiment. Stay safe traders and investors.
Comment:
Demand level activated and there is a reason why the levels are where they are and why stops are where they are. This trade took patience and was lingering inside the demand level for 3 days, until it finally ripped its way out. Takes patience and discipline! #TTP #TrustTheProcess